Boxing Day Blow-out Sale!

Are you out there looking for deals today?

Doing some boxing day sales shopping?

Want to save big?

Jay posted a couple of recent discounts in the Vancouver real estate market, and boy do we have some deals for you.

If you act fast  and buy now you can save enough to buy more than 50 brand new 2013 Mercedes SLKs.

SLK, get 50 of 'em

50 of those would cost about $2.9 million, which is how much this property has just been reduced by now asking only $9.98 million.

Of course that just gets you land, if you want to get a home as well why not try this property out by UBC complete with an authentic 1997 style concrete and steel mansion.

Original asking price $10,380,000 it can now be yours for only $7,990,000!

Happy bargain hunting!

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Name taken
Guest
Name taken

Mercedes sucks anyway

Village Whisperer
Member
Village Whisperer

1575 Acadia is still asking $1.5 million over assessment value.

While it’s great to see seller’s come to grips with asking prices that are massively above assessed values, there is still a ways to go to bring some of those asking prices down below assessed value.

2013 may be the year we measure all properties by how much below assessed value they are asking (and sell for) instead of how much they have come down from their original (and outlandish) asking prices.

No Noise
Guest
No Noise

@ Village Whisperer

Yes! Used house sales marketing strategy will be along the lines of:
“3 Recent solds as high as 10% below assessed value!”

VMD
Member

It’s almost the time of year when new assessment prices are updated on e-Value BC website. I believe last year someone was calling for people to look up 2011 assessment prices of as many units as possible, post them on the forum, and compare them with the new 2012 assessed prices come Jan 2013.

Too bad the forum is down right now but it can still be an interesting project. For those interested, keep the record on a spreadsheet and we can share in a couple weeks!

(format eg: City – Address – 2012 assessment – 2013 assessment – last sale $ – last sale date)

Anonymous
Guest
Anonymous

silly bears dont take break from RE to spend time with their families. dont get old being lonely, silly bears. get back to life and appreciate it while living in the best place on earth.

An Observer
Guest

The first home actually listed for $14.88 million earlier in 2012 so add another 35 or so SLK’s

VMD
Member
WSJ: Sequel to Canada’s “Mortgage Wars”–the Fight for Deposits December 24, 2012 “2012 was the year of the mortgage wars for Canada’s major banks, until policymakers finally clamped down on them. The coming year is expected to be one in which the battle for deposits starts to really heat up. It’s one of the few remaining areas of potential growth for Canada’s big banks. Those institutions are facing slowing mortgage lending and still-sluggish business lending activity. … “We expect that intensifying competition for loans and deposits will lead to pressure on profitability growth,” Standard & Poor’s Ratings Service said in mid-December, when it downgraded by one notch six Canadian financial firms. Still, don’t expect posted savings rates to suddenly surge higher from their current rock-bottom rates of 1-2% any time soon. Mr. McVay expects the banks will be more aggressive… Read more »
Landbaron
Guest
Landbaron

Or to get under the skin of a certain bearded one, it’s 185 Kias!

Girlbear
Guest
Girlbear

http://www.zerohedge.com/news/2012-12-26/canadian-summarizes-americas-collapse-everyone-takes-nobody-makes-money-free-and-mon

This guy is a good speaker and he is correct theoretically. But hey Canada, we need to practice what we preach! Vancouver and Toronto (to a lesser degree) are in catastrophic bubble levels RE wise, thanks to the Feds and the same greed we saw south of the border. Who’s kidding who??

His comment regarding spending only what we have is complete and utter bollocks. Personal debt here is sky high in certain regions…hello BC, yeah I am talking to you!

Regardless, at least he is on the right track.

VMD
Member

@VMD #4
For those who want to participate in gathering 2012 vs 2013 assessed prices vs previous sale prices,
Tip: type in an address then click “compared sold properties” to pull nearby properties which had sold in 2011.

I’m starting with neighborhoods where my friends/colleagues had bought in the past 2 years.

VMD
Member


U.S. retailers record worst holiday season since 2008

– we stole their Black Friday idea, only fair they borrow our Boxing Day..
Dec 26, 2012
“The 2012 holiday season may have been the worst for retailers since the financial crisis, with sales growth far below expectations, forcing many to offer massive post-Christmas discounts in hopes of shedding excess inventory.”

Landbaron
Guest
Landbaron

@VMD

Might I suggest a change in format for this project.

You are able to export the info on the assessment website to Excel, but with a little bit of a different layout the you suggested (ie. separate city column etc.) This would save a lot of manual labour.

VMD
Member

@12
Ah I see, that’s definitely the way to do it. Thanks!
So just click “export-to-excel” and voila!

(Address, 2012 Assessment, Sale Date, Sale Price,Description)

RealityCheck
Guest
RealityCheck

Just checking MLS prices in central surrey SFD houses. The list prices are higher than ever! About $100,000 higher than 2 years ago.

Not being a pumper or anything but i just don’t see the damage in my area. Maybe just the $1 Million+ market is whats being affected because the Sub-$800,000 market is higher than ever. Comments?

Landbaron
Guest
Landbaron

@RealityCheck

What is a SFD (single family dwelling) house in surrey, they exist?

List prices mean nothing. Please provide addresses so we can add them to the assessment databank.

Thx

Girlbear
Guest
Girlbear

@Landbaron

You beat me to it. I don’t care if list prices in Surrey are $500k higher. Meaningless until the house is SOLD.

Girlbear
Guest
Girlbear

@Realitycheck

Not sure what methodology you are using to garner the idea that listings are $100k higher but let’s just for the sake of this argument assume you are correct. I am also going to have to assume your sample group does not consist of homes that have been substantially upgraded.

If anything, this leads me to believe either:
a) these are flippers in trouble
b) these are people who have drawn A LOT off their home credit line
c) these are very stupid people.

Possibly a combination of the 3.

No realtor with half a brain would encourage listing a home in Surrey higher than what he/she might list it for 2 years ago.

Landbaron
Guest
Landbaron

@Girlbear

Even worse, they probably spent $100k+ on upgrades but still think it’s worth almost a mill now!

I mean why not, because real estate always goes up don’t cha know…

Patiently Waiting
Member
Patiently Waiting

Anyone know the deal with the new Kabana condos in Burnaby? It looks like nearly all the 60 suites are being rented instead of sold:

http://vancouver.en.craigslist.ca/bnc/apa/3467460954.html

$1600 for a NEW 2-bdrm with all the bells and whistles will cause some grief for older building owners near Metrotown.

Apocarypse Mao
Guest
Apocarypse Mao

@ # 19Patiently Waiting:

There is nothing in the ad that says these units aren’t sold. This ad would probably be placed by a rental management service who would manage the rentals for the investors who bought units. Common practice.

It could be that the developer went ahead and built the project planning to rent out the units until the market ‘came back”. However, this is unlikely, as in order to build, the developer would need a loan, and in order to get a loan, they would need a majority of the units to be pre-sold.

Makaya
Member
Makaya

The Globe is educating the masses… finally!

CMHC: Ottawa’s $800-billion housing problem

http://www.theglobeandmail.com/report-on-business/economy/housing/cmhc-ottawas-800-billion-housing-problem/article6732755/

Girlbear
Guest
Girlbear

@Patiently Waiting

The apartment does look nice (Metrotown is not my personal choice, but I would gather that is an ok price for that area…sort of?)

Would prefer if they showed the ACTUAL suite for rent vs the glammed up (spent $50k to make it look good) show suite…

Girlbear
Guest
Girlbear

@Makaya

Problem is, do the “masses” read the Globe…?

Groundhog
Guest
Groundhog

MLS #F1216215

This home in White Rock has been for sale for about a year and half. Drove past it today and it has a sold sign on it, but still on MLS. Just curious if anyone is able to find out the final sales price on this.

Patiently Waiting
Member
Patiently Waiting

re Apocarypse Mao:

True, that could be the case. The Craigslist ad says “Choose from one and two bedroom suites available in 17 different floor plans.” and there are only 60 suites in the building. From that, it appears almost the whole building went right on the rental market, whether its owned by the developers or investors.

Depending on how deep the developers pockets are, some buildings could get built without many pre-sales. I’m sure it wouldn’t stop ONNI or BOSA. Don’t know about this developer (Elegant Development Inc. and Kraftsmen Holdings).

Waiting for the market to come back means these units will now be sold used, so I don’t understand how they could get a better price.

A couple of units appear to be for sale by flippers:

http://www.burnabycondo.com/kabana-6888-royal-oak-avenue-burnaby

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